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U.S. Bank CEO Andy Cecere pledged Thursday to grow revenues faster than expenses in the coming years, saying the lender has made needed investments and will better leverage its “set of unique businesses” than it has in the past. But some analysts who cover the company expressed skepticism of the bank’s ability to achieve what it’s targeting in the medium term. “From here, the rubber will need to meet the road," Piper Sandler analyst Scott Siefers wrote in a note to clients.

A federal appeals court Thursday tossed out a $564 million jury verdict against BMO, which held the bank liable for aiding and abetting a $3.7 billion Ponzi scheme orchestrated by businessman Tom Petters.

In the 26-page agreement, which did not come with a fine, the Office of the Comptroller of the Currency tasked Wells Fargo with improving internal controls, policies and procedures, reporting, and management and board accountability around anti-money laundering and sanctions practices. Although AML issues often carry fines and can require lengthy and expensive resolution, RBC analyst Gerard Cassidy said he doesn’t expect the OCC agreement will affect prospects for lifting the asset cap, “as that was directed at [Wells’] consumer banking problems and not AML issues,” he wrote in a note to clients.

Democratic Sens. Elizabeth Warren and Chris Van Hollen have urged regulators to ban the use of the Federal Deposit Insurance Corporation (FDIC). name or logo by firms that provide products only eligible for pass-through FDIC insurance and establish clear rules for banking-as-a-service companies. “The rapid growth of these partnerships risks harming consumers while posing a broader threat to the stability of our banking system and the economy,” the senators wrote. “The risks are clear.”

More than 150 transactions were executed on Federal Reserve Bank of Atlanta President Raphael Bostic’s behalf during blackout periods – before and after Federal Reserve Board policy meetings – between March 2018 and March 2023, the OIG found.

In the 24 hours since the Federal Reserve Board's vice chair for supervision, Michael Barr, previewed a revision to regulators' contentious capital requirements proposal, lawmakers, academics and bank executives have weighed in on the tweaks. “We’re fine. We can continue to buy back stock," said Bank of America CEO Brian Moynihan, during a Barclays conference appearance Tuesday. "Now on the other hand, you’ve had successive chairs of the Federal Reserve saying the capital’s right in the industry and suddenly we needed more capital.”

The Consumer Financial Protection Bureau has ordered TD to pay $28 million for sharing inaccurate customer information with credit reporting agencies and failing to investigate customer disputes, which may have affected consumers’ ability to access credit, the consumer watchdog said Wednesday. https://lnkd.in/e2nBfwyk

Citi’s chief accounting officer and controller, Johnbull Okpara, is leaving his post to pursue another opportunity, the company said Tuesday in a securities filing.

PNC needs to “pretty aggressively” step up its retail presence in newer markets to support its long-term push for growth in its corporate and institutional banking business, CEO Bill Demchak said this week. He envisions open banking facilitating that. “We’ll pull share out of smaller banks who won’t have the technology to be able to take advantage of open banks,” the CEO of the super-regional lender said.